Insider Selling: Rackspace Technology (NASDAQ:RXT) CEO Sells 498,728 Shares
MarketBeat
Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) CEO Gajakarnan Vibushanan Kandiah sold 498,728 shares of the business's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $3.21, for a total value of $1,600,916.88. Following the completion of the transaction, the chief executive officer owned 3,684,955 shares in the company, valued at $11,828,705.55. The trade was a 11.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
NASDAQ:RXT